Financial Wellness

Dean Kate’s recent Dean’s Forum on financial wellness was an insightful exploration into managing our finances effectively and aligning them with our priorities. The guest speaker, Jayne Hill, a longtime parishioner with four decades of experience in banking, shed light on crucial aspects of financial well-being. Here are some key takeaways from the discussion:

1. What is Financial Wellness? Hill emphasized that financial wellness is not solely about how much money one has but rather about whether finances align with personal priorities. It’s about finding a balance that brings peace of mind and stability.

2. Importance of Having a Plan or Budget: Creating a financial plan or budget is fundamental. It helps track income, expenses, and savings, providing a clear picture of where money is going and how it can be optimized. Hill emphasized that we control our responses and values regarding financial decisions. Being mindful of our priorities and making conscious choices leads to better financial outcomes.

3. Managing Debt: Hill highlighted the importance of risk management when dealing with debt. Falling into a downward spiral of debt can be easy if not managed properly. Being proactive about debt repayment and seeking assistance when needed can prevent financial crises.

4. Regular Financial Check-ins: Ignoring financial matters can lead to problems. It’s crucial to regularly review financial status, ideally on an annual basis. Assessing expenditures, savings, and investments can help make informed financial decisions. Consulting a financial advisor or expert can provide valuable insights and guidance. They can offer personalized strategies and help navigate complex financial situations.

5. Awareness of Fraud: In today’s digital age, being aware of financial fraud is essential. Hill advised that no legitimate vendor would ask for sensitive information like passwords. If something feels suspicious, it’s crucial to seek advice and report it promptly.

The Dean’s Forum on Financial Wellness provided valuable insights into managing finances responsibly and aligning them with personal values. By adopting proactive financial practices and seeking professional advice when needed, individuals can achieve greater financial stability and well-being.

Nancy Purcell, director of marketing and communications